TVN waits with acquisitions despite great results

MG
19-02-2008, 17:14

TVN paced yesterday’s advances of the Warsaw Stock Exchange. Although this year should be equally good, the company says there will be no foreign acquisitions.

 

TVN stock rose 5 percent yesterday on very good results. Sales in 2007 amounted to PLN 1.56bn (EUR 435.2m), up from PLN 1.17bn while EBITDA rose from PLN 400m to PLN 554m. Analysts expected slightly worse results.

“Optimistic assumptions concerning advertising market and revenues generated from commercials make me believe that this year will also be good for the group. Moreover, the company will propose a higher dividend”, Krzysztof Kaczmarczyk, DB Securities analyst said.

TVN forecasts 18-20 percent increase of sales. EBITDA should amount to 35-37 percent against 36 percent last year.

 

TVN is going to spend PLN 250-282m for investments. The company will build its studios in Warsaw and Krakow. It is also going to work over HD TV. The TV broadcaster has, however, stopped its foreign expansion.

“I don’t expect any project this year. Such decisions must have business reasons”, Piotr Walter said.

Two months ago, Karen Burgess, TVN deputy CEO, told “PB” that the company would invest abroad to become one of Europe’s leading TV companies within 5-10 years. Now, the plans have changed.

 

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